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How can predictive modeling enhance your BA skills?

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Predictive modeling is a powerful technique that can help business analysts (BAs) deliver more value to their clients and stakeholders. By using data, algorithms, and statistical methods, predictive modeling can generate insights, forecasts, and recommendations that can improve decision making, optimize processes, and enhance outcomes. In this article, you will learn how predictive modeling can enhance your BA skills in six ways.

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Brian Feldman

Strategy and Growth | Pricing Expert | Feld & Co.

1 Understand the problem

Before you can apply predictive modeling, you need to understand the problem you are trying to solve and the objectives you are trying to achieve. This requires a clear definition of the scope, context, and requirements of the project, as well as the data sources, variables, and assumptions involved. As a BA, you can use your skills in elicitation, analysis, and communication to gather and validate the information you need to formulate the problem and design the solution.

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2 Choose the right method

Predictive modeling is not a one-size-fits-all approach. There are different types of predictive models, such as classification, regression, clustering, and association, that can serve different purposes and answer different questions. Depending on the problem, you may need to use one or more methods, or combine them in a hybrid or ensemble model. As a BA, you can use your skills in critical thinking, evaluation, and selection to choose the right method for your problem and justify your choice.

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3 Prepare the data

Data is the fuel of predictive modeling, but not all data is ready to use. You may need to clean, transform, integrate, and enrich the data to make it suitable for modeling. You may also need to explore, visualize, and summarize the data to understand its characteristics, patterns, and relationships. As a BA, you can use your skills in data management, manipulation, and presentation to prepare the data for modeling and ensure its quality and relevance.

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4 Build and test the model

Building and testing the model is the core of predictive modeling. You need to apply the chosen method to the prepared data and generate a model that can make predictions based on new or unseen data. You also need to test the model's performance, accuracy, and validity using various metrics, methods, and techniques. As a BA, you can use your skills in logic, mathematics, and technology to build and test the model and ensure its reliability and robustness.

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5 Interpret and communicate the results

The model is only as good as the results it produces and the actions it enables. You need to interpret the results of the model and translate them into meaningful and actionable insights for your clients and stakeholders. You also need to communicate the results in a clear, concise, and compelling way, using visualizations, reports, and presentations. As a BA, you can use your skills in storytelling, persuasion, and facilitation to interpret and communicate the results and influence the decision making.

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6 Monitor and update the model

The model is not a static entity. It needs to be monitored and updated regularly to reflect changes in the data, the problem, or the environment. You need to collect feedback, measure impact, and identify opportunities for improvement. You also need to revise, refine, or replace the model as needed to maintain its relevance and effectiveness. As a BA, you can use your skills in monitoring, evaluation, and change management to monitor and update the model and ensure its sustainability and value.

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Brian Feldman

Strategy and Growth | Pricing Expert | Feld & Co.
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One of the most critical aspects to ensure sustained business success is monitoring and updating the model. The true value lies in its adaptability and the continuous iteration process. This ongoing process is essential for: Reflecting Real-Time Changes: Regularly updating the model ensures it stays aligned with current market conditions, customer behaviors, and internal business changes. Feedback Integration: Collecting and incorporating feedback is crucial. It allows the model to evolve based on user experiences and changing needs. Measuring Impact: Continuously monitoring the model's performance against key business metrics allows for the identification of both successes and areas needing improvement.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can predictive modeling enhance your BA skills?

1

2

3

4

5

6

7

1 Understand the problem

2 Choose the right method

3 Prepare the data

4 Build and test the model

5 Interpret and communicate the results

6 Monitor and update the model

7 Here’s what else to consider

Business Analysis

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How can predictive modeling enhance your BA skills?

1

2

3

4

5

6

7

1 Understand the problem

2 Choose the right method

3 Prepare the data

4 Build and test the model

5 Interpret and communicate the results

6 Monitor and update the model

7 Here’s what else to consider

Business Analysis

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